1. Suppose you want to save $30,000 as a down payment to purchase a house in 5 years. You plan on saving money at the beginning of each month starting today. If you can earn a 2.40% annual rate on your investment over the time frame, how much must you save each month to reach your goal?
Please show work using formula.
2. How many years will it take for an investment to be worth $10,288.89 in the future, with a deposit today of $8,000 at a 3.60% annual rate of return with monthly compounding?
Show work using formula please.